Kotick: What we need to see if this is really going to go to the top and the summer squeeze is over, breadth has to contribute. So let's look at the advance-decline line here on the stock market.
You can see very clearly here big levels in the breadth market that has to go to the topside.
What you saw recently is the breadth lagged here and the market turned down, breadth
turned down, and what we're seeing is that the breadth is starting to bottom out here.
What we need to see is a breakout in the breadth. Volume is seasonally adjusted. It's kind of quiet in the Summer. If breadth can start to kick in, if it can start to continue this is a bull market to get on board. Be cautious here, it's not time to jump on have an answer within a week to ten days.
MARIA: What you're saying is you don’t have any evidence in terms of breadth right now that this rally is for real and long-standing?
Kotick: No. And if this is the real next leg higher, and we are bullish equities despite the summer move, we would expect breadth and volume to start to kick in. It's too early yet, we're seeing it improve but we're not breaking out. So there's room to get on board, we just don't have enough evidence to say the summer squeeze is done.